FY 2012 tax revenue expected to total 43.9 tril. yen

Japan's tax revenue for fiscal 2012 is expected to total 43.9 trillion yen, topping the government's earlier estimate, government sources said Wednesday.

The new estimate is 1.3 trillion yen more than the government projected in January when it compiled a supplementary budget for the last fiscal year to March 31, the sources said.

The total was boosted by higher corporate income tax as company earnings were spurred by the weaker yen and bolstered by higher stock prices on investments, against the backdrop of the stimulatory steps of the administration of Prime Minister Shinzo Abe, they said.

Revenue also received a boost from larger personal income tax receipts from people whose stock dividend-related incomes were hiked by higher share prices, they said.

Fiscal 2012 revenue is also expected to eclipse the preceding fiscal year's revenue of 42.8 trillion yen.

The higher revenue may corroborate suggestions that Japan's tax revenue has begun to follow an upward path in the wake of its plunge in fiscal 2009 following the global financial crisis that began in late 2008.